Top 5 Stories Of The Day | FG Proposes ₦62,000 as New Minimum Wage, NLC Counters with ₦250,000

NLC
  • FG proposes ₦62,000 as new Minimum wage, NLC counters with ₦250,000
  • Tribunal orders Multichoice to give Nigerians one month free subscription
  • Nigeria set to purchase 3.5 million prepaid power metres before end of 2024
  • Nigerian governors lament about being unable to pay workers ₦100,000
  • IMF reveals Nigeria’s economy will hit $1.85 trillion by 2029

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

FG proposes ₦62,000 as new Minimum wage, NLC counters with ₦250,000

Presidency Denies ₦105k as Minimum Wage as NLC Waits for Tinubu's Response

The federal government has returned to the bargaining table with the Nigerian Labour Congress with a new offer since the NLC and TUC rejected the ₦60,000 that was last offered before the nationwide strike.

The NLC embarked on a strike on June 3 but was suspended a day after because the President promised to increase the minimum wage above ₦60,000.

After instructing the Minister of Finance Wale Edun to research and submit a minimum wage template, the federal government has returned to the table by adding ₦2,000 extra to its earlier proposal and in response to this, the NLC has brought down their proposed offer from ₦494,000 to ₦250,000.

Tribunal orders Multichoice to give Nigerians one month free subscription

The Competition and Consumer Protection Commission Tribunal has ordered that Multichoice Nigeria pay a fine of ₦150 million for daring to challenge the jurisdiction of a court sitting in Abuja, which restricted it from increasing the prices of DStv and GOtv packages.

The verdict was announced by three judges on the panel led by Thomas Okosu, instructing Multichoice to give Nigerians a one-month free subscription on both platforms.

FCCPC had accused Multichoice of unjustly increasing its fees without informing its users.

Nigeria set to purchase 3.5 million prepaid power metres before the end of 2024

The federal government has announced its plans to buy 3.5 million power metres by the end of 2024 to increase the revenue collection in Nigeria.

The Minister of Power, Adebayo Adelabu, made this announcement as the government had planned to buy over 10 million metres within the next five years. This will approximately cost the government $946 million to fulfil.

This is one of the president’s solutions to taking Nigerians out of darkness, as reports state that over 13 million Nigerian households do not have these metres.

Nigerian governors lament about being unable to pay workers ₦100,000

Nigerian governors have spoken up about being unable to cope with the new minimum wage, whatever it may be, as long as it is higher than ₦70,000.

The governors lamented that paying ₦100,000 to all workers would not be feasible in reality and settled for a minimum wage that was between ₦60,000 and ₦70,000.

Although the governors did not give a specific amount for which they would prefer the minimum wage to be set, they were adamant about not being able to pay their workers anything beyond ₦70,000.

IMF reveals Nigeria’s economy will hit $1.85 trillion by 2029

The International Monetary Fund (IMF) has revealed that Nigeria’s economy can be expected to rise to $1.852 trillion in purchasing power parity terms by the year 2029.

According to the data from the IMF, Nigeria’s GDP in PPP terms has been on a steady growth and increase as it hit $1.3 trillion in 2023 and will continue to grow, hitting $1.85 in 2029.

Nigeria is the fourth largest economy in Africa and reports state that although the country’s economy is slowly growing, it is still on the verge of expanding.

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